U.S.-China Tensions Escalate As Markets Monitor Hawkish Central Banks

Weekly News Wrap Up

U.S.-China tensions escalated last week as China announced export restrictions on two metals (germanium and gallium) that are key to manufacture electronics and semiconductors, and the Biden administration reportedly planning to impose restrictions on Chinese companiesā€™ access to U.S. cloud-computing services. Elsewhere, minutes from the U.S. Fedā€™s June policy meeting confirmed its hawkish-tilt with most participants expecting an eventual tightening of policy. The week closed with mixed U.S. employment data with strong ADP employment and cooler non-farm payroll numbers.Ā 

Overall, U.S. equity markets took a breather last week as strong economic data raised the prospects for further rate hikes: SPX -1.16%, DJIA -1.96% and NASDAQ -0.92%. Similarly, cryptocurrency majors BTC -1.46% and ETH -3.83% as euphoria from the recent spate of spot Bitcoin ETF applications cools with momentum (RSI) normalizing to neutral levels on both a 4-hourly and daily timeframe.

BTCUSD10Jul2023

ETHUSD10Jul2023

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Investment Consideration

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